The Federal Ministry of Finance and the Central Bank of Nigeria (CBN) are working hand in hand on fresh initiatives to rescue the naira, according to hints yesterday.
The Finance Minister and Coordinating Minister for the Economy, Mr. Wale Edun, yesterday met with CBN Governor Olayemi Cardoso and Economic and Financial Crimes Commission (EFCC) Chairman Ola Olukoyede to strategise on stabilising the beleaguered currency.
This occurred on a day the naira sustained its rally against the dollar, closing at N1,440 at the parallel market. The rate represents a N10 gain from the N1,450 to dollar recorded on Thursday.
But apparently not satisfied with the exchange rate, the trio launched into a meeting in Abuja yesterday to discuss ways of shoring up the naira.
Details of the meeting were not immediately available, but the Federal Ministry of Finance in a terse statement on its X handle said: “This afternoon at Finance HQ, HM Finance & Coordinating Minister for the Economy, Wale Edun, EFCC Chairman Ola Olukoyede @officialEFCC and CBN Governor Olayemi Cardoso @cenbank, engaged in a strategic discussion focused on enhancing the efficiency of our financial system and stabilising the Naira.
“The meeting highlighted our continuous efforts in aligning monetary and fiscal policies, underscored by a commitment to the rule of law.
“The EFCC Chairman reaffirmed the Commission’s support for these initiatives, emphasising his dedication to enhancing the integrity of financial regulations.”
This meeting comes amidst efforts to bridge the gap between the official and black market exchange rates, including this week’s EFCC raids on unauthorised foreign exchange operators.
Mr. Edun reiterated the government’s “commitment to the rule of law” as a cornerstone of achieving these objectives.
